QMines has identified multiple Mt Chalmers lookalikes confirming significant scale potential
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QMines has a treasure trove of historic data that has saved it significant time and expense, while at the same time demonstrating strong potential for more Mt Chalmers lookalikes.
The outcome of QMines’ (ASX:QML) recent six month program of digitising a large historic regional soil sample dataset has proven extremely successful and indicated it could have a number of big repeats of its previously operating, high-grade Mt Chalmers copper-gold mine in Queensland.
“The significance of the new soil data cannot be understated in terms of the scale and exploration potential,” chairman Andrew Sparke said.
“The Mt Chalmers mine is a well-documented VHMS system and the soil signature is very distinct. VHMS systems typically occur in clusters which is exactly what we are seeing at Mt Chalmers.”
The key finding of the data compilation is that multiple new large copper and zinc soil anomalies have been identified within the same region that hosts the Mt Chalmers volcanic-hosted massive sulphide deposit (VHMS).
And Mt Chalmers – which contains copper, gold, zinc, lead and silver mineralisation – is recognised as being one of the highest grade gold VHMS mineral systems in the world.
Just last month, QMines made a new bonanza lead and zinc discovery at Mt Chalmers, with maiden diamond drilling delivering up to 16.8% zinc and 8.3% lead along with high-grade copper, gold and silver.
Demonstrating the potential scale, Sparke told Stockhead the T1 and T2 prospects together span approximately 10km long by 2km wide.
These new discoveries demonstrate significant potential to extend mineralisation around the high-grade historic Mt Chalmers mine.
This has prompted QMines to lodge a new application for additional ground in the area.
“The company now plans to fly an EM survey covering the Mt Chalmers mine area and the regional soil anomalies whilst the current RC drilling program continues,” Sparke said.
A large drilling program of approximately 30,000m is currently underway, with a second drill rig now onsite and assays expected shortly.
This article was developed in collaboration with QMines, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.